Reliance, Inc. (NYSE:RS) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its position in Reliance, Inc. (NYSE:RS) by 1.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 127,806 shares of the industrial products company’s stock after purchasing an additional 1,696 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Reliance worth $36,963,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Hsbc Holdings PLC lifted its stake in Reliance by 78.5% in the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after buying an additional 127,422 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Reliance by 27,269.0% in the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock valued at $32,453,000 after acquiring an additional 111,803 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Reliance by 19.7% during the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after acquiring an additional 77,937 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Reliance by 4.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Reliance by 21.1% in the 2nd quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock valued at $57,871,000 after purchasing an additional 35,336 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of RS stock opened at $310.44 on Friday. The firm has a market capitalization of $16.80 billion, a price-to-earnings ratio of 17.05 and a beta of 0.85. The company has a 50 day moving average price of $291.32 and a 200 day moving average price of $289.98. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the company earned $5.00 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. Sell-side analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Wall Street Analysts Forecast Growth

RS has been the subject of a number of recent research reports. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a report on Friday, July 26th. KeyCorp lowered their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Finally, BMO Capital Markets decreased their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $326.40.

Insider Activity at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is currently owned by corporate insiders.

Reliance Profile

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.